https://www.taxtmi.com/caselaws?id=783257 The ITAT held that the assessee, a primary credit co-operative society, is entitled to deduction under s. 80P(2)(a)(i) on interest income earned from co-operative societies, including co-operative banks. It ruled that the deduction is allowable from the gross total income irrespective of whether such interest is assessed as business income or income from other sources, as long as it forms part of the gross total income. Relying on SC interpretation in relation to s. 80P and the object of promoting the co-operative movement, the ITAT clarified that the restriction in s. 80P(4) applies to co-operative banks as assessees, not to co-operative societies earning interest from them. The AO was directed to delete the disallowance and the assessee's appeal was allowed. en-us Mon, 08 Dec 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783257 The ITAT held that the assessee, a primary credit co-operative society, is entitled to deduction under s. 80P(2)(a)(i) on interest income earned from co-operative societies, including co-operative banks. It ruled that the deduction is allowable from the gross total income irrespective of whether such interest is assessed as business income or income from other sources, as long as it forms part of the gross total income. Relying on SC interpretation in relation to s. 80P and the object of promoting the co-operative movement, the ITAT clarified that the restriction in s. 80P(4) applies to co-operative banks as assessees, not to co-operative societies earning interest from them. The AO was directed to delete the disallowance and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 08 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783257